Section 11-50-105 Use of proceeds to redeem bonds and coupons; disposition of excess. - Alabama Statutes

Section 11-50-105

Use of proceeds to redeem bonds and coupons; disposition of excess.

At any time when the amount of any particular fund shall, with its accumulations, equal the amount of outstanding bonds and accrued interest entitled to payment out of such fund, the council shall have authority to redeem any and all such bonds that may be presented for redemption at such time thereafter as the holders thereof may desire to present the same for redemption.

The excess, if any, when all bonds and coupons are redeemed and the interest thereon paid, and not in excess of the total cost and expense of the purchase of such sewer or sewers or sewer system, shall be converted into the general revenue fund of the city or town.

(Acts 1923, No. 165, p. 134; Code 1923, §2118; Code 1940, T. 37, §643.)